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Posted: August 4, 2008
Cambridge provides $10.5m loan to refinance 300-bed nursing facility
Cambridge Realty Capital Companies has arranged a $10.5 million FHA-insured HUD loan to refinance and provide funding for construction and substantial rehabilitation at Alden Wentworth, a 300-bed skilled nursing home.
Chairman Jeffrey Davis said the 40-year term loan was funded using HUD's section 232 program. The loan was underwritten for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an authorized FHA/MAP-approved lender.
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